Polish casino licensing problems cut Century Casinos profitsBy Wayne Heilman
Delays in renewing licenses for Century Casinos’ Polish casinos cut its 2018 earnings 45.8 percent from a year earlier despite a nearly 10 percent increase in revenue, the company said Monday.
The Colorado Springs operator of casinos, horse-racing tracks and off-track betting parlors said profits fell to $3.39 million, or 11 cents a share, in 2018 from $6.26 million, or 24 cents a share, in 2017. Revenue rose 9.8 percent to $168.9 million.
Despite the licensing delays, Century reversed a loss of $5.33 million, or 19 cents a share, in the fourth quarter of 2017 to a profit of $506,000, or 2 cents a share, in the fourth quarter of 2018. The fourth-quarter loss in 2017 resulted from accounting treatment of a federal tax cut. Revenue during the quarter increased 14.8 percent to $45.1 million.
Wayne Heilman, the gazette
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